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HomeMy WebLinkAbout1969 9. To deliver any absinet or abstracts of titb or title iruurance policy or polides covering the morttgg~agad pt try to Mortgagee or its des erred agent. which shall at all times during the li[e of this mortaa~e, »main in the possessba of the M«t- gsgee and in erect o[ the foralo~su» of this mortpge all rijlrt. title and interest of the Mortpgor in and to say wdr ab~suaet « title shall pass to the putdraser at [oreclow». however. all mortjagee titN inwrana poUcMs shag »nuin lha property of Mortgagee. 10. That no vniver of airy covenant he»io « is the obligations secured hereby shall at any time hereafter be held to ba a waiver of airy of the otMr terms Mteof or of the aotas secured be»by. tr« may Yortssg« rely oa airy courser of conduct by Mort~ee not specifcally required by this iastrua~ent. That the Mortgagee. without ttottkkee. a»y aQee with fury Party oblipted on saidmdebtedaas. or hernia{ as iaurest irr tM security described hueia. to »aew «exteM We tune f« payment of wY Part or all of tM iadebtedrtat secured be»by, without 1n any way aRectiag either the liar he»o(« the mbwty o[ any other party. 11. That is order to accelerate the maturity o[ tbs iadebtedaea hereby secured because of the [ailu» of tM Yortgag« to pay any tax assessrrrent, liabllity. obligati«r of encumbrance upon said property ss he»in provided, it shall rat be aeoestary nor requidte that the Yortgaga shall tint pay tM same. 12. That if the Yortgag« shall fail. negbct to »ilrse f« a period o< ten (10) days fully and protttpdy to pay the amouau aired to be pdd by tbs rata hereby secured « the mterat therein rpedtied « any of the sums of money he»ia »fared to ~eraby secured. or otherwise duty. fully and promptly to ppeerf«m. exewte, comply with and abide by each. every « any o[ the coveaaats. coadittoas « stipulations of this ntortpge, the promissotjr notes hereby secured atd/« the consttuctioa ban s;reemeat, U any. rhea, and m either or in any of wdr events, without notice « demand. the said ypepte arm mentioned is said prombsorY tales. less previous paymeau, if urY. and t?ay and all sums mentioned he»in or sea»d he»by shall become due ~~d payable f«WwiW or tnereaiter at the ooatinufag option of the Y«tjages as fWiy and compbtely as if saW agYegate sums werb odg#nally stipulated to be paid ss verb time, anything in said prombtory rata or he»a to the contrary tatwitlrstanding. std the ortgagee shall be en tied thereupon « thereafter wiWout notice « demand to institute suit at 4w or M e. q~i~y to eaf«ca the right of the Yortpgee herarader or ands said Promissory notes. la the event of say default or breach on the part of the Mortgssor he»unda or. under said promiaory note. the Y«tgagee shall bane the coatimsitry option to eotaas paymsat o[ all sums secured hereby by action at law «by suit is egWb to fo»dose this m«tgage. either or otti, ooaurrrently «other- wise, std one action « suit shall tat abate « be a bu to or waiver of the Mortgages': right to institute or mdataia the other. provided said Mortgagee shall have ody one payment and satisfaction of said indebtedness. 13-A. That in the-event that Mortgagor shall (1) consent to the appointment of a tecehrer. trustee or liquidator of all « a wbstaatial part o[ Yortgsg«'s assets, or (2) be adjudicated a bankrupt « inwlrent, «fle a voluntary petition in bankruptcy « admit in writing his imb ty to pay his debt: u they become drro. or (3) make a general assignment f« beaeiit of creditors, « (4) file a petition or answer seeking reorganisatbn « arrangement with creditors, or to take advantage of any iewhency law. « (S) tUe an amwer dmitting say of tbt material alkpUons of a petition filed against the Mortgagor is any bankruptcy. to- or~anirati«r or irrsotveney log. or (6) action sshhasl0i be taken by the Mortgagor i« the purpose otettectiag any of the toce- gorng, or (7) any «der, judgment « decree shall be entered upar as aPPliation of a creditor or Yottg~or by a court of com- petent jwisdtction approving a petition seeking appointment of a receiver or trustee of cep of a wbstantial part of the Mortgagor's assets and wch order. judgment « decxxes shall coatiarrs unstayed and in effect f« any period of thirty (30) ooasxutire days. the Mortgagee m.y dedue the ratty hereby secured forWwith dire and payable, whereupon the principal of sad the interest accrued oa the rotas and all other wins hereby secured shall become forthwith due and payabb as if all of the said sums o[ money wa» o y stipulated to be paid oa such day: and thereupon the M«tgagee without ratio «demand may prosecute a suit at law and or inequity as if all monies secured ht»by had matured prior to its institution. 13-B. That in the event the premieres hereby mortgaged, or my part hereof, shall be oordemt?ed and taken f« public use under the power of eminent domain, Mortgagee shall Aare the right to require that all damages awarded for the taking of or damage to said premises shall be Pad to the Mortgagee. not to exceed the then unpaid balance of this m«tgage and say sum secured thereby, sad at the option of the Mortgagee wch amounts may be applied upon the payment or payments last Payable hereon. In the event it becomes necessary for the Mortgagee to empby counsel to protect its interest at any condemnation prootedings, the Mortgagor shall immediately upon demand reimburse the Mortgagee for all reasombk expenses and attorneys' • fees thus incurred. and all such wms shall be deemed secured by the lien of this mortgage. _ 14. That the Mortgagee or any person authorized by the btortgsgae shall have the right to enter upon and inspect the mortgaged premises at all reasonable times. 1S-A. That to further secure payment of the indebtedness of the Mortgagor to the Mortgagee. the Yottgsg« does hereby sell, assign. ttursfer and set over unto the Mortgagee all of the rents. issues, ud profits of the m«tgsged premises, sad Mortgagee may at its optan delay enfotcirrg this assigr?ment unn7 any default being trtade by the Mortgagor under the terms of this mortgage . the notes secured hereby, sad wdr assignment is say anent shall »main in full force std effect so long as any defr~lt continues to exist in the malting of any of the payments or the perf«manee of any of the covenants of this mortgage or the notes secured hereby, and the Mortgagee shall Aare the right to enter upon the premises and rolled same directly from Persons in possession. Yortpgor agrees to execute any further documents evideocirrg wch assrgrrment as Mortgagee may reasonably request from time to time. 15-B. That is the event that at the beginning of or at any brae pending any suit upon this mortgage. « to toredose it, or to reform it, and/or to enforce payment of any claims hereunder, said Mortgagee shaU,appty to the court having jurisdiction thereof fpr the appointment of a Receiver, wch court shall forthwith appoint a Receiver of said mortgaged property all ud 'singular, including all and singular rents, income, profits, iswes, and revenues from whatever source derived. each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in tlre_gnnting and haberdum clauses hereof, « soy exhibits hereto, and wch Receiver shall hart all the broad and effective functions and powers m anywise entrusted by a court to a Receiver, and such appointment shall be made by sud? court as an admitted equity and a matter of ab• solute right to said Mortgagee, and without rctercna to the adegwcy or inadequacy of any remedy at law or of the ad uacy or i inadequacy of the value of the property mortgaged or to the solvency or insobencY of said Mortgagor or of any or all of the do- f ferdants, and that such rents, profits, income, issues sad revenues shall be applied by such Receiver according to the lien and/or j equity of said Mortgagee and the pncUCe of wch court. i 16. To pay ail and singtrlu the costs, chuges and expenses, including ressonabk lawyer's fees and fees for appellate work and costs of absttsd of title, incurred or paid at say time by acid Mortgagee because and/or in the erect of the fiilurc on the put of the said Mortgagor to duly. promptly and fully perform. discharge execute, effect. complete. comply with sad abide by each sad every the stipulations, agreements. conditions and eovemnts of said promissory notes and this mortgage. any «either, and said costs, drarges and expenses. qch and every, shall be immediately due and payable, whether « not there bt notice, demand, attempt to collect or wit pending; and the full amount of each and every wch payment shall bear inkiest from the date thereof until paid at the same rate as is specified, in the notes secured hereby, as payable after default in payment of said notes and all said costs. charges and expenses so incurred « Paid. together with wch interest, shall be secured by the lien of this mortgage. 17. That Mortgagor will not permit any other liens. mortgages or encumbrances against the said premises, and if any such liens, mortgages or encumbnnces ate incurred, whether puamount or subordinated to this mortgage, Mortgagor will cruse such Bens, mortgages or encumbnnces to be dischuged immedutely. Without limiting the foregoing, shoirW there be a lien wperior in dignity to the lien of this mortgage with Mortgagee' consent, it is eonrenant and agreed that should the terms of a lien superior in dignity to that of this mortgage be modified, altered or varied without the written consent of the Mortgagee herein, or should any Iron wperior in dignity to that of this mortgage be or become in default, then and in wch event the Mortgages herein may at its option accelerate the indebtedness secured by this mortgage and declue the carne to be all due and payable without notice to Mortgagor or any other person. 18. Mortgagee shall bare the right to chugs any of Mortgagor's accounts with Mortgagee for any sums payable u pro- vided herein or in the promissory note secured hereby u wch becomes due. 19. If the Mortgagee requests, Mortgagor will furnish the Mortgagee annwlly from the date of this mortgage instrument, unless some other date is agreed to between the parties in writing, a certified audited financial statement of the Mortgagor and annual complete statements of Mortgagor. If the Mortgagor's fiscal alendar yea shall not coincide with the date herein specified, then the date whi:,h.the Mortgagee shall specify shaft be controlling. Mortgagor shall wpply Mortgagee with wch other financial statements u Mortgagee may from time to time request. 20. No right or remedy prcvided herein for the Mortgagee or provided for the Mortgagee in the note secured hereby shall be cumulative and serenbk. 21. It is understood and agreed that this mortgage is given to secure, in addition to the note or obligation attached hereto, any additional loans or future advances made within the term of this mortgage loan to said Mortgagors of any wccessor in title of said Mortgagors of the property hereby conveyed; provided that the total unpaid balanot of the irdsbtedrress secured hereby at any one time shall not exceed 32 r - 00 plus interest theron plus any disbursements made by the _ Mortgagee for the payment o[ taxes, levies, ursunncs «other charges on the property encumbered hereby, with interest oa wch disbursements, court costs and attortrey's fees, including fees for appeWte work. 22. This mortgage is subject to the terms. provisions and coalitions of that certain Construction loan Agreement dated February 16 . 19 79 ,and said Construction Loan Agreement is by reference incorporated herein and made a put hereof. Default in the terms of the Construction Loan Agreement shall constitute a default order the mortgage. ~OOK W~ PACf 19~